Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--April 27, 2000--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of March 2000 the Gross Proceeds exceeded the Trust's Class A costs by $241,048. As a result of the above, the Class A cost carry-forward has decreased to $20,359,079. The Working Interest Owner is entitled to recoup the cumulative carry-forward from future Gross Proceeds prior to making royalty payments to the Trust. In addition, net current month Trust administrative expenses of $31,390 were paid from the Trust administrative reserve resulting in $801,227 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $726,117 and gas revenues of approximately $81,051 from sales volumes of 23,319 barrels and 33,468 mcf, respectively, net to the Trust's interest. Class A costs included $198,527 in operating and transportation costs and $217,383 in capital expenditures related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $150,209 in interest charges related to the Class A cost carry-forward. |
